On April 22, Council approved a property tax increase of 5.7% for 2025. This is a 0.4% decrease from what Council approved in the fall as a result of changes in the provincial budget that partially restore Grants in Place of Taxes (GIPOT) payments. GIPOT is the program that provides municipalities with a grant in place of property taxes for Government of Alberta properties (for example the Alberta Legislature).
The tax levy increase will affect property owners differently, depending how their property’s assessed value compares to the market. A typical household with a 2025 assessment of $465,500, will pay $296 per month to help fund 70 City services, including emergency services, parks, trails, roads, bridges, transit, recreation centres, attractions and social supports.
This is the last step in finalizing the annual tax levy, which funds over half the City’s operating budget. The City will bring forward annual property tax bylaws on April 30 to set the tax rates based on the approved increase. Tax notices will be mailed to property owners in late May.
Property tax bills include municipal taxes, collected by the City to pay for City services, and provincial education taxes, which the City collects on behalf of the Province to fund public and separate schools.
Council also heard about the audited financial statements for 2024. The statements reported that the City ran a deficit of 0.1% of the $3.5 billion tax-supported operating budget last year, or $4.2 million.